Financing for 6-8 Families in New Jersey (NJ)

Financing for 6-8 Families in New Jersey (NJ)

Investor · Somerset, NJ · Member since 2012 · 95 posts · 45 votes

I am having a hard time finding good banks for purchase as well as cash out refinance 6-8 unit buildings under a Million dollars.
Many banks are doing a Million and above. These are all B area properties and maybe I am not looking at the right banks. I always purchase in an LLC and put down 30% down and these are good cash flow properties without concerns about deb

I am looking into Investors Bank  and have also worked with BCB in the past and looking at other options beyond these two.

Any input is appreciated.  We are lucky to have such a great community to bounce ideas off each other and I want to thank everyone in advance for any and all input they may provide. Good luck to all and may all your investments be Successes ! 

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  • Joseph ScoreseBusiness Member
    Banker · Philadelphia · Member since 2009 · 2k+ posts · 634 votes
    9y

    Hi ,

    Welcome to BP!

    The small balance multi family financing area is a little different I would agree but not unattainable. Really depends on the loan amounts, location and DSCR of the properties upon stabilized numbers.

    You might want to consider national small balance lenders when reviewing your numbers for the better long term (7 or 10 year) fixed rates.

    Let me know if you have any questions.

    Regards,

    Joe Scorese

  • Investor · Lawrenceville, NJ · Member since 2016 · 64 posts · 6 votes
    9y

    Reach out to the following:

    First Choice Bank (was recently acquired - google new name)

    Fulton Bank

    First Bank

  • Investor · Wyckoff, NJ · Member since 2015 · 100 posts · 35 votes
    9y

    @Amit Patel

    I work with Spencer Savings Bank.  Excellent customer service and they work really well with investors.

  • Investor · Somerset, NJ · Member since 2012 · 95 posts · 45 votes
    9y

    Thanks to all for the info. I will reach out to the banks mentioned.

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